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Market intelligence
| Marketing operations |
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Market intelligence (MI) is gathering and analyzing information relevant to a company's market - trends, competitor and customer (existing, lost and targeted) monitoring.[1] It is a subtype of competitive intelligence (CI), which is data and information gathered by companies that provide continuous insight into market trends such as competitors' and customers' values and preferences.[1]
MI along with the marketing capabilities of an organization provides a guideline into the allocation and implementation of resources and processes.[2] It is used for the purpose of continuously supplying strategic marketing planning for organizations to gauge marketing positions in order for companies to gain competitive advantage and best meet objectives.[3][1]
Organizations can develop MI frameworks and models that are suited to financial capabilities and desired market sectors but are mainly based on the four-step process of collection, validation, processing and communication of MI.[4] The gathering of MI data is sorted into many different categories, including, but not limited to, qualitative, quantitative, formal, informal, published, and unpublished.[5] MI data is gathered both internally and externally.[5]
Benefits that MI can bring are that it provides customer, competitor and market insights allowing organizations to gain a competitive advantage in their marketing strategies.[1] Issues that MI can bring is through acquiring data and information through illegal or unethical ways, it can lead to financial loss and government regulatory failures.[6]
- ^ a b c d Hedin, Hans; Hirvensalo, Irmeli; Vaarnas, Markko, eds. (2012-01-02). The Handbook of Market Intelligence. doi:10.1002/9781119208082. ISBN 9781119208082.
- ^ Carson, Grace; O'Connor, Christina; Simmons, Geoff (2020-01-01). "The crucial role of market intelligence in the development of small business marketing capabilities". Journal of Small Business and Enterprise Development. 27 (5): 797–816. doi:10.1108/JSBED-12-2019-0394. ISSN 1462-6004. S2CID 225735797.
- ^ Cite error: The named reference
:2was invoked but never defined (see the help page). - ^ Jamil, George Leal (2013). "Approaching Market Intelligence Concept through a Case Analysis: Continuous Knowledge for Marketing Strategic Management and its Complementarity to Competitive Intelligence". Procedia Technology. 9: 466. doi:10.1016/j.protcy.2013.12.051. ISSN 2212-0173.
- ^ a b Cite error: The named reference
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